Tue. Sep 22nd, 2020

S. 29(2) of Limitation Act, 1963 not applicable to SARFAESI Act

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Supreme Court: In the case
where the bench of J.S. Khehar and A.K. Goel, JJ was posed with the question
that whether the Appellate Tribunal under the Securitisation and Reconstruction
of Financial Assets and Enforcement of Security Interest Act, 2002 (the SARFAESI
Act) has the power to condone delay in filing an appeal under Section 18(1) of
the said Act, the bench answered the question in the affirmative.

The Court was of
the view that Section 29(2) of the Limitation Act, 1963 has no absolute
application, as SARFAESI Act impliedly excludes applicability of provisions of
Limitation Act to the extent a different scheme is adopted. If no provision of
Limitation Act was expressly adopted, it may have been possible to hold that by
virtue of Section 29(2) of the Limitation Act power of condonation of delay was
available. It was further held that the power of condonation of delay was
expressly applicable by virtue of Section 18(2) of the SARFAESI Act read with
proviso to Section 20(3) of the RDB Act and to that extent, the provisions of
Limitation Act having been expressly incorporated under the special statutes in
question, Section 29(2) of Limitation Act stands impliedly excluded.

Hence, the Court
held that delay in filing an appeal under Section 18 (1) of the SARFAESI Act can
becondoned by the Appellate Tribunal under proviso to Section 20 (3) of the RDB
Act read with Section 18 (2) of the SARFAESI Act. [Baleshwar Dayal Jaiswal v.
Bank of India, 2015 SCC OnLine SC 686, decided on 05.08.2015]

 
Source: Legal news India

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